IMAX (NYSE:IMAX) Upgraded at StockNews.com

StockNews.com upgraded shares of IMAX (NYSE:IMAX) from a hold rating to a buy rating in a report released on Thursday.

A number of other analysts have also commented on IMAX. Roth Mkm upped their price objective on shares of IMAX from $27.00 to $28.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Barrington Research reiterated an “outperform” rating and set a $24.00 price target on shares of IMAX in a report on Thursday, October 31st. JPMorgan Chase & Co. raised their price target on shares of IMAX from $20.00 to $21.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. Rosenblatt Securities reissued a “buy” rating and set a $28.00 target price on shares of IMAX in a research note on Thursday, October 31st. Finally, Benchmark increased their price objective on IMAX from $27.00 to $30.00 and gave the stock a “buy” rating in a report on Friday, December 13th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $25.11.

IMAX Stock Performance

Shares of IMAX opened at $25.11 on Thursday. IMAX has a 1 year low of $13.20 and a 1 year high of $26.84. The firm has a fifty day moving average of $24.80 and a 200-day moving average of $21.33. The company has a market cap of $1.32 billion, a price-to-earnings ratio of 57.07, a price-to-earnings-growth ratio of 1.69 and a beta of 1.23.

IMAX (NYSE:IMAX) last released its earnings results on Wednesday, October 30th. The company reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.23 by $0.12. IMAX had a return on equity of 7.53% and a net margin of 6.74%. The firm had revenue of $91.50 million during the quarter, compared to the consensus estimate of $93.71 million. During the same period in the prior year, the firm posted $0.27 earnings per share. The firm’s revenue for the quarter was down 11.9% compared to the same quarter last year. Analysts predict that IMAX will post 0.77 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Natasha Fernandes sold 2,957 shares of IMAX stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $25.52, for a total transaction of $75,462.64. Following the completion of the transaction, the chief financial officer now owns 14,883 shares in the company, valued at approximately $379,814.16. This trade represents a 16.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Robert D. Lister sold 55,910 shares of IMAX stock in a transaction on Monday, December 9th. The stock was sold at an average price of $25.50, for a total transaction of $1,425,705.00. Following the transaction, the executive vice president now directly owns 138,889 shares of the company’s stock, valued at approximately $3,541,669.50. This trade represents a 28.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 65,176 shares of company stock worth $1,662,110. Company insiders own 24.08% of the company’s stock.

Hedge Funds Weigh In On IMAX

Several institutional investors and hedge funds have recently modified their holdings of the business. Bank of New York Mellon Corp increased its position in shares of IMAX by 90.6% in the second quarter. Bank of New York Mellon Corp now owns 587,694 shares of the company’s stock worth $9,856,000 after purchasing an additional 279,410 shares during the period. Principal Financial Group Inc. raised its stake in IMAX by 18.5% during the second quarter. Principal Financial Group Inc. now owns 63,818 shares of the company’s stock worth $1,070,000 after acquiring an additional 9,974 shares in the last quarter. Victory Capital Management Inc. lifted its holdings in shares of IMAX by 33.1% in the second quarter. Victory Capital Management Inc. now owns 1,293,221 shares of the company’s stock worth $21,687,000 after acquiring an additional 321,506 shares during the last quarter. Foundry Partners LLC boosted its stake in shares of IMAX by 46.8% in the 2nd quarter. Foundry Partners LLC now owns 182,200 shares of the company’s stock valued at $3,055,000 after purchasing an additional 58,115 shares in the last quarter. Finally, Wedbush Securities Inc. increased its position in IMAX by 112.7% during the 2nd quarter. Wedbush Securities Inc. now owns 29,651 shares of the company’s stock worth $497,000 after purchasing an additional 15,712 shares in the last quarter. 93.51% of the stock is currently owned by institutional investors and hedge funds.

IMAX Company Profile

IMAX Corporation, together with its subsidiaries, operates as a technology platform for entertainment and events worldwide. The company operates in two segments, Content Solutions and Technology Products and Services. The company offers IMAX DMR, a proprietary technology that digitally remasters films and other content into IMAX formats for distribution to the IMAX network; IMAX Enhanced that provides end-to-end technology across streaming content and entertainment devices at home; and SSIMWAVE, an AI-driven video quality solutions for media and entertainment companies.